Summer Job Shortage Squeezing Retailers

Bloomberg has a great story about the summer job shortage hurting retailers. Lauren Coleman-Lochner and Heather Burke write, “The financial pressures of adults are finally catching up with American teenagers. Since summer jobs dried up, gasoline prices topped $4 a gallon and parents ran out of spare cash, teens have had to cool it on spending for clothes..

Spending by 13- to 17-year-olds is important because in at least the past two years it has been rising faster than total apparel sales. The adolescent demographic accounted for $27 billion, or 14 percent, of the $192.7 billion of clothing purchases in the 12 months through April, according to market- research firm NPD Group Inc…. and Retailers dependent on that group are feeling the pinch.”

Not only is it important for businesses to hire teens to give them experience, but it also makes business sense. We work with many restaurants and retailers who are worried about losing teenage dollars – myfirstpaycheck.com is a great place to advertise for employees and customers.